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MI HB5836
Bill
Status
9/8/2016
Primary Sponsor
Martin Howrylak
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AI Summary
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Transfers authority to make municipal loans from state surplus funds from the state treasurer to the Community Bank of Michigan.
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Authorizes the Community Bank of Michigan to make loans from surplus funds to eligible municipalities approved under the Emergency Municipal Loan Act (1980 PA 243).
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Sets loan limits at $5,000,000 per fiscal year before October 1, 2011, and $10,000,000 per fiscal year after September 30, 2018, with no single municipality to receive more than $4,000,000 in one fiscal year.
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Permits the Community Bank of Michigan to sell, assign, transfer, or repurchase loans made from surplus funds.
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Takes effect 90 days after enactment, contingent upon passage of two other specified bills (HB 5833'16 and HB 5834'16).
Legislative Description
Financial institutions; other; state surplus funds; authorize loans to eligible municipalities by state-owned bank. Amends sec. 1 of 1855 PA 105 (MCL 21.141). TIE BAR WITH: HB 5833'16, HB 5834'16
Local government: financing
Last Action
Bill Electronically Reproduced 09/08/2016
9/13/2016